Why would you want to borrow a stock market lesson plan from someone else? Let me start by saying that a trading plan is only beneficial if you stick to it. Following your project will help you succeed, yet many traders ignore their carefully devised stock market lesson plans. Instead, they become so emotionally immersed in a trade that they disregard any warning indications. Remember that when the market corrects itself, which it always does, no position is exempt, no matter how vested your ego is in it. Many investors have stock market lesson plans in place, and they will continue to hold their positions even if their portfolio values are slashed in half. This is because they may be afraid of missing out on a big profit or being in such deep of a loss that they can't possibly sell at that time. However, even if you believe that all positions will return from their failures, which is unlikely, this is a lousy strategy to trade. When you invest too much money, your rate of return ...
"Penny Wise and Pound Foolish" is a phrase used to describe wise people with their money but foolishness.
When I was reading my Icon newsletter, this phrase came to me. JL was talking about topics that Chuck and I frequently discuss. While listening to Jim Edwards' audio newsletter a few weeks back, he ranted about "crazy freebie seekers" (I love that name). Jim is almost as good as Dennis Miller when it comes to ranting.
Anyway, these two newsletters and what they had to say have been rolling around in my head for a couple of days now. What came to mind is that people who run Internet businesses from their homes are no different than those who ran businesses out of their homes in the 80s…..they don't want to pay for anything. You would think with all the failed companies they've had, it would dawn on them that it is because they have done no research, no business plan, and no determination on whether or not there is a market for their business in their vicinity. They don't make mission statements. I could go on and on.
Unfortunately, too many people still think all they need is a computer, fax, and some business cards. They don't even give out the business cards; they leave them in nice tiny card files in their office—a lot of good that's doing them.
They will spend money on all the trappings but not on education, mentoring or consulting. As Chuck once said to me when I started my first business and didn't do any marketing, "You will be the most organized business in bankruptcy court". It was a wake-up call. You can visit at www.exchangebuz.com for more information.
As Jim and JL discussed and Chuck and I run into every day, people want to pick our brains for information and answers. After all, they have been conditioned that IT'S FREE. Therefore, they feel it is their right to do so.
The Internet especially has made people think that information is FREE. Yes, it is, but those who have niches and have written books all put in a lot of time, effort, and energy in researching, writing and marketing our products. SO NO, IT IS NOT FREE. We worked very hard to put together excellent products to the best of our ability, and WE EXPECT TO GET PAID FOR THEM.
These people have inflated egos as well. "Who am I to seek assistance and then pay for it? Oh no, I'm confident I'm on the right track. People are unappreciative of my excellent product (service or fill in the blank). I'm on par with, if not better than, them."
It would never occur to them to pay someone to show them what is wrong. Or take a class, or purchase a book that might help. Nope, they say, it's not that; it must be something else. It's always someone else's fault or some things' fault, never theirs.
Unfortunately, the impetus for this behavior was fostered in the '80s when home-based businesses were starting to come into their own. Many of the magazines and publications of the 80s (and now the Internet) fostered the idea that ANYONE can run a home-based business. Remember those magazines with little kits for Word Processing businesses, basket making, medical records, etc.
People bought them and followed them. Some did well, but others couldn't figure out why they failed.
They didn't succeed for several reasons. First, none of them did the basics, the grunt work. They were checking first to ascertain whether or not this business was even a viable one in their area. If it was, checking out the competition, making up a business plan, or a mission statement. Setting up goals for themselves for daily, weekly, monthly, short and long term. They set up a publicity campaign, worked with the different media, and set up a marketing plan and networking.
All of the things that those of us in business have done to stay in business. "Penny wise and pound foolish!" was not our motto. We were successful due to a tremendous deal of hard work, effort, and hard knocks, for which we hope to be compensated. But, we're not going to hand it out for "free."